The string inverter market was valued at USD 2.44 Billion in 2015, and is expected to grow at a CAGR of 8.29% from 2016 to 2021. Decrease balance of system cost, remote systems monitoring capabilities, and easy installation & customization are the major factors driving the string inverter market.

The years considered for the study are as follows:

Base Year  2015

Estimated Year  2016

Projected Year  2021

Forecast Period  20162021

2015 has been considered as the base year for company profiles. Whenever information was unavailable for the base year, the prior year has been considered.

Objectives of the Study

To define, describe, and forecast the global string inverter market on the basis of phase, power rating, end-user, system type, and region

To analyze market opportunities for stakeholders and provide details of competitive developments, such as contracts & agreements, mergers & acquisitions, expansions, and new product/technology launches, in the global string inverter market

Research Methodology

This research study involved the use of extensive secondary sources, directories, and databases such as Hoovers, Bloomberg Businessweek, Factiva, and OneSource to identify and collect information useful for a technical, market-oriented, and commercial study of the global string inverter market. Primary sources are mainly industry experts from core and related industries, preferred suppliers, manufacturers, distributors, service providers, technology developers, standard and certification organizations of companies, and organizations related to all the segments of this industrys value chain. The points given below explain the research methodology.

Study of annual revenue and market developments of major players providing string inverter

Assessment of future trends and industrial growth of end-use industries

Assessment of the string inverter market with respect to the system type, phase, and power rating

Study of market trends in various regions/countries supported by application of string inverter in the residential, commercial, industrial, and utilities sectors.

Study of contracts and developments related to string inverter, for key players, across different regions

Finalization of the overall market sizes by triangulating the supply-side data, which includes product developments, supply chain, and annual revenues of companies manufacturing string inverter across the globe

After arriving at the overall market size, the total market has been split into several segments and subsegments. The figure given below shows the breakdown of primaries on the basis of company type, designation, and region, conducted during the research study.

The ecosystem of the global string inverter market starts with suppliers of basic components such as magnets, transformers, circuitry, wiring, enclosure, packing, and miscellaneous parts. The manufactured parts are then assembled by the OEM (original equipment manufacturer) to form a string inverter, which is then tested. This is followed by the distribution stage, following which the product is provided to the end-users. Distribution is the next stage of the supply chain. The top players in the industry market their products through self-operated sales offices located near target markets, while regional players rely on distribution partnerships to access diverse markets. Some of the major players in the string inverter market are KACO New Energy GmbH (Germany), Delta Energy Systems GmbH (Germany), ABB Limited (Switzerland), Chint Power Systems Co., Ltd. (China), Ningbo Ginlong Technologies (China), Samil Power Co., Ltd. (China), Fronius International GmbH (Austria), SMA Solar Technology AG (Germany), and Huawei Technologies Co. Ltd. (China).

The global string inverter market is projected to grow at a CAGR of 8.29% from 2016 to 2021, to reach a market size of USD 3.89 Billion by 2021. The growth is attributed to decrease balance of system cost, remove systems monitoring capabilities, and easy installation & customization.

The report segments the string inverter market based on end-users into residential, commercial & industrial, and utilities. Utilities segment is the largest end-user of string inverter owing to growing number of utilities in the solar sector, serving both, the distributed solar market as well as building and operating large-scale PV power plants. Based on system type, the on-grid segment is expected to dominate the string inverter market during the forecast period. The market has also been segmented based on power rating into four segments: up to 10 kW, 11 kW  40 kW, 41 kW  80 kW, and above 80 kW. The 41 kW-80 kW segment is the largest market; due to their compact size and light weight, these inverters offer more design flexibility for all sizes of PV plants and provide higher level of protection and enhances durability in a harsh outdoor environment. The report segments the string inverter market based on phase into single-phase and three-phase. The latter is estimated to be the largest market owing to rising installations of large utility-scale solar systems in Japan, China, and other European countries. Inverter manufacturers have been strongly promoting the installation of three-phase string inverters in large power plants, due to which the global shipments are projected to double in the next 4 years.

In this report, the string inverter market has been analyzed with respect to four regions, namely, the Americas, Europe, Asia-Pacific, and the Middle East & Africa. Asia-Pacific is expected to dominate the global string inverter market during the forecast period, owing to government targets, policy support (tax incentives and RPOs), incentives such as feed-in tariffs, and tenders and competitive bidding in the region. The Americas, on the other hand, is expected to be the fastest growing market among other regions, during the forecast period.

Higher heat loss due to the large size and no panel level monitoring are expected to slow down the demand for string inverters during the forecast period. However, government incentives schemes offer huge opportunities. Some of the leading players in the string inverter market include KACO New Energy GmbH (Germany), Delta Energy Systems GmbH (Germany), ABB Limited (Switzerland), Chint Power Systems Co., Ltd. (China), Ningbo Ginlong Technologies (China), Samil Power Co., Ltd. (China), Fronius International GmbH (Austria), SMA Solar Technology AG (Germany), and Huawei Technologies Co. Ltd. (China), among others. Contracts & agreement was the strategy most commonly adopted by the top players in the market, constituting 45% of the total developments from 2013 to 2016. It was followed by new product development, expansion, partnerships/joint ventures/collaboration, and merger & acquisitions.

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